Category Archive for: ‘Practice Update’

April 2016 Practice Update

ATO reminder – What’s new for small business? Editor: The ATO has issued a timely reminder before the end of the financial year on the changes announced in last year’s Budget. Instant asset write-off – simpler depreciation rules Small businesses can immediately deduct the business portion of most (new or secondhand) assets if they cost less than $20,000 and were …

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March 2016 Practice Update

DHS specified benefits and entitlements data matching The ATO has advised that it will collect information from the Department of Human Services (DHS) for the following benefits and entitlements: family tax benefits – part B; paid parental leave scheme; carers’ allowance; and Medicare entitlement statements. This data will be compared with claims made in income tax returns for the invalid …

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February 2016 Practice Update

ATO announces two important data matching protocols The ATO has just announced that it is starting a new “asset” data matching protocol, and extending another CGT and rental protocol that has been running successfully for the last ten years. Data matching on insurance taken out on certain assets owned by “wealthier” taxpayers The ATO has advised that it is working …

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December 2015 Practice Update

Reminder of small business tax cuts The ATO has reminded taxpayers that, from 1 July 2015, a new two-tier company tax system took effect and applies to all companies.

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November 2015 Practice Update

Immediate deductibility of capital start-up expenses From 1 July this year, new provisions apply to allow certain small businesses, or an entity that is not in business, to immediately claim some start-up costs, including business costs associated with raising capital. Claimable business-related start-up costs Expenses can be fully deductible in the year in which they are incurred if the expenditure …

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October 2015 Practice Update

GST on all (taxable) online transactions from 1 July 2017 The (now former) Treasurer recently announced that the States and Territories had unanimously agreed in principle to reduce the GST threshold on imported goods and services (currently at $1,000) to zero. The new arrangements will apply from 1 July 2017. He said that he had put forward a proposal that …

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September 2015 Practice Update

ATO’s apps and other online tools As a result of user feedback, the ATO has improved their ATO Small Business app and it continues to expand in functionality and usability. The most useful features for small business include:

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August 2015 Practice Update

Data matching to be expanded on individual returns The ATO has advised that last year, it cross-referenced information reported in tax returns against over 600 million transactions provided to it by third parties to identify omitted income and gains, or incorrectly-claimed offsets or entitlements to exemption from surcharges. It also contacted nearly 400,000 taxpayers who had apparent discrepancies in the …

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July 2015 Practice Update

Government moves to get Single Touch Payroll right Under Single Touch Payroll, employers’ accounting software will automatically report payroll information to the ATO when employees are paid. This will eliminate the need for employers to report employee-related Pay As You Go Withholding (PAYGW) in their activity statements throughout the year, and employee payment summaries at the end of the year.

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2014/15 Individual/Business Tax Return Checklist

2014/15 Individual Tax Return Checklist Your Checklist Claims for deductions Receipts for deductions  Car claims and log books  Please review the information below and contact our office if you need assistance. Tax saving strategies prior to 1 July 2015 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income …

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